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The year 2020 certainly presented extraordinary challenges that required us to change the way we think, interact, shop, travel, work, celebrate - the list goes on and on. With so many closures and employees setting up remote shop, countless businesses in a variety of industries were required to digitally transform at an advanced rate in order to survive. And the credit union industry was no different as it raced to keep pace with members’ needs and adapt to a quickly changing business environment.

As we look ahead to a new and improved year, credit unions have learned many valuable lessons - one being that we need to keep our finger poised on the pulse of evolving technology. According to ongoingoperations.com, digital transformation is one of the most important technology trends that credit unions must watch closely, especially in the face of COVID-19.

Ongoingoperations.com also notes that trend adoption—or technology adoption—in the “real world” tends to proceed at a faster rate than in the credit union world. To help us understand the difference in trend adoption between the two worlds, a visual is provided:

TrendAdoptionGBS

What’s more, credit unions should positively embrace the reality that digital transformation really equates to digital survival. Ongoingoperations.com offers a quick digital survival checklist that includes key areas to remain focused on:

   · Online appointment setting

   · Marketing automation

   · Online account opening

   · Digital vehicle buying services

   · Digital identity

   · Digital loan closing

   · E*Notary services

   · AI chat bot

   · Online banking

   · Mobile banking


While focusing on every one of these items is wise, a successful digital transformation strategy must be interwoven with things such as smart core systems, usability, analytics and continuous improvements throughout to truly enhance the member experience and achieve real success in 2021 and beyond.


Sharetec’s innovative core processing solution helps credit unions embrace change and utilize technology to meet members’ growing needs and achieve greater success. Contact us at This email address is being protected from spambots. You need JavaScript enabled to view it. to learn how we’ve assisted credit unions with improving functionality, efficiencies and much more. 


https://ongoingoperations.com/2020/11/17/cu-tech-trends/#closemodal